The Cuban Government has announced plans of using crypto as a part of anti-sanctions package aimed to boost incomes of Cubans and assist with market reforms. It remains unclear from the report if Cuba might launch its own token or use existing alternatives.
Cuba is suffering from tough U.S.-led sanctions and has also seen a drop-off in aid from Venezuela which is undergoing both financial and political crises of its own.
In the TV announcement, Cuba’s President Miguel Diaz-Canel indicted that the cryptocurrency plan is aimed to raise national production and demand in order to boost growth.
The move is possibly influenced by the nation’s ally, Venezuela, which launched its own “petro” cryptocurrency early last year.